IFAs demand FSA fees refund after Turner confession

They argue the regulator should then retrospectively surcharge banks to compensate for what one adviser calls a “deeply unfair” system. Lord Adair Turner, the recently installed chairman of the FSA, acknowledged in an interview with the Financial Times (FT) its fee charges to large banks are proportionately small against the amounts paid by IFAs. “Frankly, if you look at what we were charging the biggest banks in the world, and what we were charging some small regional IFA, the differential was nothing like as big as I think it logically should be”, Lord Turner said. Bruce Jamieson, p...